MAINBOARD-LISTED Manhattan Resources is proposing a debt conversion and share issue exercise that would hand a 61.9 per cent stake in the enlarged share capital of the firm to two creditors, both of which are entities owned by chief executive Low Yi Ngo and his family members.

AN increase of S$6.7 million in trade and other payables for fiscal year 2018 was mainly due to its subsidiaries securing longer trade credit terms, as well as accrued expenses, the Singapore-listed coal shipping firm said in response to queries by the Singapore Exchange.